Anubhav Plast Limited is an established manufacturer of Electric Resistance Welding (ERW) Steel Pipes and Tubes in various shapes and sizes (round and square hollow sections), along with Swaged Steel Tubular Poles marketed under the brand name "ANUBHAV". Operating with a legacy spanning over three decades, the company's product portfolio includes more than 80 standard pole sizes and round pipes from 1.5" to 8" diameters catering to a diverse array of sectors, including electricity transmission, street lighting, telecom, irrigation, water supply, and general construction. The company follows a robust B2B and B2G business model, deriving its revenue from both private and government sectors. For the period ended December 31, 2025, 74.28% of its revenue was sourced from private sector clients, while 25.72% was generated from government entities. The company predominantly secures work through government tenders and e-marketplaces, establishing key relationships with State Electricity Boards. A prominent example of its execution capability includes the timely supply of 3,510 swaged steel tubular poles specifically for the 2025 Mahakumbh Mela. Anubhav Plast conducts its operations across two ISO 9001:2015-certified manufacturing facilities located near raw material sources in Kanpur Dehat, Uttar Pradesh. Unit I is equipped to manufacture both ERW pipes and tubular poles, while Unit II focuses exclusively on the production of poles. The company maintains a total installed capacity of 90,000 Metric Tonnes Per Annum (MTPA) for ERW pipes and 1,50,000 units per annum for poles. As of the nine-month period ended December 31, 2025, the company's actual capacity utilization stood at 28.19%, reflecting an incremental increase from 24.12% in FY 2024-25, 22.61% in FY 2023-24, and 15.00% in FY 2022-23. As per financial performance, Anubhav Plast Limited has posted total income / net profits of Rs 87.21 / 0.74 Cr (FY23), Rs 87.41 / 2.08 Cr (FY24), Rs 98.31 / Rs 6 Cr (FY25) and Rs 80.60 Cr / 5.30 Cr (UptoQ3 FY26). So as per previous financials data, the company has shown good growth, and the trade receivables to total sales ratio is well maintained at around 8.18%, 6.07%, and 13.45% for FY24, FY25 and FY26 respectively. Furthermore, unlike many peers, the operating cash flow is strictly positive for FY24 (Rs 0.61 Cr), FY25 (Rs 5.16 Cr) and FY26 (Rs 2.09 Cr). The company has a weighted average EPS of Rs 4.77 and a weighted average RoNW of 33.81% for the last three fiscals. The issue is priced at a P/BV of 3.07 as per the NAV of Rs 26.06/- as (31.12.25). If we attribute the latest earnings of FY24, FY25 and annualized FY26 on equity post-issue, then the asking price of Rs 66 is at a P/E of around 42.31, 14.67 and 12.46 respectively. As per RHP, there are no listed peers in the Indian market. On BRLM's front, CapitalSquare Advisors Private Limited is associated with this IPO, and has handled 4 IPOs in the past. From last four IPO, that opened below issue price or at par, on the day of listing. As of now, from the last 4 IPOs, two are trading below the issue price and the remaining three are trading above the issue price or at par. (as on 16.06.26) As per financials, Anubhav Plast Limited has shown good growth, RoNW is 47.78% (in FY25) and P/E is 42.31, 14.67 and 12.46 respectively as per FY24, FY25 and annualized FY26 earnings. So, the issue looks reasonably priced. The company maintains healthy trade receivables and positive operating cash flows, which provide operational comfort. The company is primarily engaged in the manufacturing, marketing, and sale of disposable paper tableware and packaging, operating in the B2B and B2C segments, which is a highly competitive business segment. While the performance of the BRLM is average, the extreme geographical concentration risk (100% reliance on Odisha) and historical compliance delays raise some operating doubts. So, we give a NEUTRAL rating for this IPO for investors with a high-risk appetite looking for long-term growth. Readers must consult a qualified financial advisor prior to making any actual investment decisions.
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